Orum, the simplest API for fast, reliable payments, today announced the launch of No Code Verify, which helps businesses and institutions determine whether a bank account is open and valid before init...
Autore: Business Wire
Verify accounts in seconds–with 100% coverage of US bank accounts—with a click of a button
NEW YORK: Orum, the simplest API for fast, reliable payments, today announced the launch of No Code Verify, which helps businesses and institutions determine whether a bank account is open and valid before initiating payments — all without integrating an API.
Orum’s Verify solution offers 100% coverage of all US-based consumer and business bank accounts — a meaningful step forward in an industry still plagued by invalid credentials, friction, and fraud. The new technology, launched in October 2023, makes it easy for businesses and banks to verify the status of any type of bank account. Failed payments cost the global economy over $100B each year, a problem Verify solves by completing bank account verification within 15 seconds. No Code Verify takes this a step forward, broadening access to the first-of-its-kind solution by enabling businesses and financial institutions to utilize the technology without connecting to an API or additional integrations.
“Failed payments have plagued the industry for too long, and I’m excited to scale our impact with No Code Verify, which will help drive transformation in businesses and institutions not ready to connect to APIs. We’ve heard from so many that a button-click approach for account verification would enable in-house development teams to access the technology faster and we’re thrilled to deliver on that promise,” said Stephany Kirkpatrick, CEO and founder of Orum. “Verify gives businesses an edge, with instant verification that enables faster, more accurate transfers and guarantees payments arrive at the intended account, safely.”
Orum’s No Code Verify:
While credential-based verification has become an increasingly popular alternative in the consumer space, this approach is insufficient for B2B payments. Orum has built new technology that leverages the Fed Now and RTP payment rails to provide real-time account information to businesses. The rich data is sent automatically back to the business via a webhook, providing real-time results and eliminating the need for a customer to be involved in the account verification process.
For more information on Orum’s No Code Verify, please visit www.orum.io.
About Orum
Orum is the simplest API for fast, reliable payments. Our API allows businesses to launch instant payments in one sprint or less, saving money while gaining access to all major rails – RTP, FedNow, Same Day ACH, ACH, and Wires – without costly bank integrations or prolonged compliance. This in turn empowers organizations to launch new payment experiences that attract and monetize more customers.
Founded by Stephany Kirkpatrick and led by expert fintech operators from LearnVest, Square, N26, Klarna, Marqeta, and Stash, Orum has raised over $82M from leading investors, including Accel, Canapi, Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, BoxGroup, Clocktower Ventures, Primary Ventures and American Express Ventures. We provide the technology and expertise required to power a better financial system where everyone has the freedom to build to their potential. To learn more, visit Orum.io.
Fonte: Business Wire